Emblem Corp. (TSXV:EMC) (“Emblem” or the “Company”) amended and restated By-Law No. 1 of the Company to provide that the quorum requirement for a meeting of shareholders of the Company shall be two (2) persons, present in person, each being a shareholder or representative duly authorized in accordance with the Canada Business Corporations Act entitled to vote at the meeting or a duly appointed proxy for a shareholder so entitled and holding or representing, in the aggregate, not less than five percent (5%) of the votes entitled to be cast at the meeting of shareholders.
In addition to the foregoing, the Company has entered into an amended investor relations and capital markets advisory services agreement (the “Agreement”) with Spinnaker Capital Markets Inc. (“Spinnaker”) pursuant to which Spinnaker will provide capital markets and investor relations advisory services to Emblem until April 30, 2020.
Pursuant to the Agreement and as disclosed in the Company’s press release dated April 17, 2017, the Company has issued an aggregate of 200,000 incentive stock options with an exercise price of $2.60 per share and will pay Spinnaker a monthly fee of $10,000 plus applicable taxes. The Agreement is subject to the acceptance of the TSX Venture Exchange.
Emblem is licensed under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR”) to cultivate and sell medical marihuana. Emblem carries out its principal activities producing marihuana from its facilities in Paris, Ontario pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations.
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